Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
The ITAT upheld rejection of the assessee's books of account under section 145(3) because verifiable labour records, third-party confirmations, project-wise details and reconciliations were not produced, and major expenses rested on self-made vouchers with no credible support. Once the accounts were rejected, profit had to be estimated on a fair and reasonable basis, but the Tribunal found the Assessing Officer's 8% rate excessive because it relied on non-comparable listed companies and a section 44AD benchmark that could not be mechanically applied beyond the prescribed turnover limit. Considering the nature of the sub-contract business, remote working conditions and defects in the records, profit was estimated at 5% of turnover.
The ITAT upheld rejection of the assessee's books of account under section 145(3) because verifiable labour records, third-party confirmations, project-wise details and reconciliations were not produced, and major expenses rested on self-made vouchers with no credible support. Once the accounts were rejected, profit had to be estimated on a fair and reasonable basis, but the Tribunal found the Assessing Officer's 8% rate excessive because it relied on non-comparable listed companies and a section 44AD benchmark that could not be mechanically applied beyond the prescribed turnover limit. Considering the nature of the sub-contract business, remote working conditions and defects in the records, profit was estimated at 5% of turnover.
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